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Secondary Pensions: Implementation of Your Island Pension

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Committee for Employment & Social Security - P.2022/31

Secondary PropositionProposerSeconderStatus
pdf icon Sursis [230kb]Deputy MeerveldDeputy Dudley-OwenNot Laid
pdf icon Sursis 2 [232kb]Deputy MeerveldDeputy Dudley-OwenCarried - Therefore, debate on this item has been deffered to 23rd November 2022

The States are asked to decide:

Whether, after consideration of the Policy Letter entitled 'Secondary Pensions: Implementation of Your Island Pension', dated 7th April 2022, they are of the opinion:

1. To rescind resolutions 6, 7 and 9, made by the States of Deliberation on 5th February 2020, following consideration of the Policy Letter entitled 'Secondary Pensions: Detailed Proposals for the Introduction of Automatic Enrolment into Private Pensions and the Establishment of "Your Island Pension"' (Billet d'État IV of 2020, Article II).

2. To agree:
    a. that Your Island Pension be established as a private trust, managed by a trustee appointed by the Committee for Employment & Social Security, and for which the States of Guernsey would act as settlor, as set out in sections 4, 5 and 6 of that Policy Letter; and          

    b. that the Committee for Employment & Social Security be given authority to determine the terms of the trust instrument and the Rules of Your Island Pension, and to amend either if/when considered necessary.

3. To agree that the compliance measures, including the enforcement regime and anti-avoidance measures described in section 7 of that Policy Letter, should be specified in legislation.

4. To direct the Committee for Employment & Social Security, following consultation with the Revenue Service and the trustee of Your Island Pension, to report back to the States during 2027 with an update on the introduction of these proposals, and proposals for the introduction of a pension saving regime for self-employed and non-employed people.

5. To direct the preparation of such legislation as may be necessary to give effect to the above decisions.

The above Propositions have been submitted to Her Majesty's Procureur for advice on any legal or constitutional implications in accordance with Rule 4(1)(c) of the Rules of Procedure of the States of Deliberation and their Committees.

 

 

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P.2002/31 - Secondary Pensions - Implementation of Your Island Pension

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